Page 9 - Bankruptcy
White House monitoring FTX collapse, calls for crypto industry regulation
The collapse this week of FTX dealt another blow to the cryptocurrency industry, which has seen severe volatility and bankruptcies of other high-profile firms, including Celsius Network Ltd
 "White House monitoring FTX collapse, calls for crypto industry regulation")
Twitter bankruptcy possible if cash burn doesn't stop, Musk tells employees
Confidence in the company has eroded so rapidly that, even before Musk's bankruptcy comments, some funds were offering to buy the loans for as little as 60 cents on the dollar
 "Twitter bankruptcy possible if cash burn doesn't stop, Musk tells employees")
Lakshmi Mittal's brother sued over 'sham' loans to quit bankruptcy
Inauthentic debt worth over £2 billion from "friendly creditors" helped him "swamp" through the required votes from lenders for the payment arrangement, Moorgate's lawyers claim
 "Lakshmi Mittal's brother sued over 'sham' loans to quit bankruptcy")
Dalmia, Sagar Cements in race to buy debt-ridden Andhra Cements
Jaypee-owned firm undergoing bankruptcy process
 "Dalmia, Sagar Cements in race to buy debt-ridden Andhra Cements")
NCLT adjourns Bajaj Hindusthan bankruptcy petition to December 7
In an order dated September 14, the NCLT asked Bajaj Hindusthan to file a reply to the SBI petition in three weeks
 "NCLT adjourns Bajaj Hindusthan bankruptcy petition to December 7")
Central Bank withdraws IBC case as Aban Offshore pays one-time settlement
The company has repaid outstanding principal of Rs 121.78 crore to the bank, is in talks with other lenders for debt resolution plan
 "Central Bank withdraws IBC case as Aban Offshore pays one-time settlement")
World Suicide Prevention Day: Data on businesspersons tell a shocking story
Suicide is a a growing problem and the numbers tell a shocking story. A total of 12,055 businesspersons died by suicide in 2021. According to data compiled by the National Crime Records Bureau, the number of such deaths in the farming segment was 10,881.
 "World Suicide Prevention Day: Data on businesspersons tell a shocking story")
After lay-offs, edtech startup Lido Learning files for insolvency
Lido Learning's board of directors has passed a special resolution to file an application under section 10 of IBC, 2016
 "After lay-offs, edtech startup Lido Learning files for insolvency")
More suicides by businesspersons than farmers for second year in a row
Seeking help brings solutions, say mental health experts
 "More suicides by businesspersons than farmers for second year in a row")
NARCL to buy loans of five distressed companies, lenders agreement awaited
In July, NARCL had proposed to take distressed assets of 17 firms worth Rs 93,249 crore including included five firms of the Future Group
 "NARCL to buy loans of five distressed companies, lenders agreement awaited")
Johnson & Johnson drops talcum baby-powder globally as lawsuits mount
J&J said that it had made the "commercial decision" to transition all its baby powder products to use cornstarch instead of talcum powder
 "Johnson & Johnson drops talcum baby-powder globally as lawsuits mount")
Property crisis threatens to drag down a third of China's steel industry
Almost a third of China's steel mills could go into bankruptcy in a squeeze that's likely to last five years
 "Property crisis threatens to drag down a third of China's steel industry")
Jindal Power exits race to buy JBF Petro; RIL, others in contention
L N Mittal-backed HPCL-Mittal Energy and govt-owned companies remain in contention for the bankrupt firm
 "Jindal Power exits race to buy JBF Petro; RIL, others in contention")
CFM ARC sells JBF Industries assets to Reliance Industries entity
RIL was the lone bidder for the company with a Rs 825-crore offer as against the dues of Rs 2,100 crore of banks
 "CFM ARC sells JBF Industries assets to Reliance Industries entity")
RCap lenders hive off home finance, NBFC into separate trust for resolution
The proceeds of the sale of these two companies in future will flow directly to the lenders of the Reliance Capital which is currently undergoing a bankruptcy process
 "RCap lenders hive off home finance, NBFC into separate trust for resolution")
New Jersey-based crypto lender Voyager Digital files for bankruptcy
It had significant investments in Singapore-based hedge fund 3AC, which failed to make payments on a loan of 15,250 Bitcoins and $350 million USDCs -- that makes the loan worth more than $650 million.
 "New Jersey-based crypto lender Voyager Digital files for bankruptcy")
Top headlines: RBI tries to shore up rupee; DGCA notice to SpiceJet
Union ministers Mukhtar Abbas Naqvi and R C P Singh submitted their resignations to Prime Minister Narendra Modi on Wednesday, a day before the completion of their Rajya Sabha term, sources said.
 "Top headlines: RBI tries to shore up rupee; DGCA notice to SpiceJet")
Vijay Mallya pursues attempts to overturn bankruptcy order in UK court
At a case management hearing at the Chancery Division of the High Court in London on Monday, Justice Tom Leech concluded that a set of interlinked hearings in the matter would be heard together.
 "Vijay Mallya pursues attempts to overturn bankruptcy order in UK court")
IBBI releases discussion paper aimed at improving value of stressed assets
Proposals call for marketing strategy where total claims exceed Rs 100 cr; creditors can also propose steps to market stressed assets
 "IBBI releases discussion paper aimed at improving value of stressed assets")
Insolvency regulator working to bring mediation in insolvency cases
A source privy to IBBI's discussion said mediation might address the issue of courts delaying the insolvency process.